In today’s headlines, the London Football Exchange (LFE) has recently announced its participation in a deal to acquire the Perth Glory Football Club (PGFC), 2019/2020 participants in the Australian Hyundai A-League Premiers, as well as the Asian Champions League.
According to the recently announced Asset Sale and Purchase Agreement, the LFE has acquired the majority shareholder status of the well-known football club, the PGFC.
Although preparations are currently underway, the change of control isn’t set to take place until around March 30th of this year. Until then, the LFE has stated that “there will be no significant change to the operations of the club, the functionality of the club or the day to day management structure.”
In recent years, the London Football Exchange has adopted multi-club partnerships around the world, which has proven to be a highly successful strategy to help scale its operations globally. This type of business model is quite similar to what the City Football Group has been done in the past.
The City Football Group (CFG) is a holding company that governs the administration of several football clubs under the ownership of the Abu Dhabi United Group, which includes many well-known football clubs such as New York City, Manchester United, and Melbourne City.
The London Football Exchange
The London Football Exchange (LFE) was founded in 2016 as the world’s very first tokenized football exchange. In 2018, the company managed to raise an estimated $70M during its initial token offering. And more recently, it has launched the LFEC token on the Bithumb Global and StellarX cryptocurrency exchanges.
The LFE was founded as a financial, technology, media and entertainment group operating within various areas of professional sports, namely football. And according to Jim Aylward, the LFE’s founder, the acquisition of the Perth Glory is a significant step in the right direction for the sporting organization.
“For us, the road has been long and fraught with obstacles, setbacks, and doubters. Bringing this deal to the table is a real milestone not just in terms of business, but in terms of relationships that have been built with Tony Sage and Perth Glory.”
The Future of the Perth Glory Football Club
In addition to the LFE becoming majority shareholder, they have also recently announced the appointment of Tony Sage as chairman of the LFE. Sage, owner, and chairman of the PGFC was appointed as chairman of the LFE in January of this year, and under the Sale and Purchase Agreement (SPA) with the LFE, he is still to continue performing his duties as chairman of the PGFC and the LFE.
In the past, Sage has put a lot of emphasis on women’s football, as well as keeping younger players interested in the sport. And on top of this, Sage himself was responsible for having the PGFC Academy awarded a 2-star status, which is the highest academy accreditation available in Australia.
Therefore, by taking advantage of Sage’s love of football, as well as his experience, the LFE is planning to combine the powers of the PGFC with the LFE’s to help usher in a new era football club development and management.